Markets Edge Lower; Morgan Stanley Earnings Top Estimates

Following the market opening Thursday, the Dow traded down 0.02 percent to 17,134.99 while the NASDAQ declined 0.10 percent to 4,421.71. The S&P also fell, dropping 0.10 percent to 1,979.50.

Leading and Lagging Sectors

Technology shares gained around 0.09 percent in today’s trading. Top gainers in the sector included RealNetworks (NASDAQ: RNWK), up 13 percent, and MedAssets (NASDAQ: MDAS), up 4 percent.

In trading on Thursday, telecommunications services shares were relative laggards, down on the day by about 0.40 percent. Top decliners in the sector included Mobile Telesystems OJSC (NYSE: MBT), down 2.9 percent, and Internet Initiative Japan (NASDAQ: IIJI), off 2.8 percent.

The bank’s quarterly profit jumped 47% to $1.9 billion, or $0.94 per share, from a year-ago profit of $1.0 billion, or $0.43 per share. Its adjusted earnings from continuing operations excluding DVA came in at $0.91 per share. However, its earnings excluding DVA and tax benefit were $0.60 per share.

Its revenue rose to $8.6 billion, from $8.52 billion. Its adjusted sales came in at $8.52 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $8.22 billion.

Shares of Select Comfort (NASDAQ: SCSS) got a boost, shooting up 9.59 percent to $20.80 after the company beat top and bottom line estimates.

The Sherwin-Williams Company (NYSE: SHW) shares were also up, gaining 3.40 percent to $208.58 after the company reported a 13% gain in its second-quarter earnings and lifted its full-year earnings outlook.

Equities Trading DOWN

Shares of SanDisk (NASDAQ: SNDK) were down 11.75 percent to $95.16 after the company issued a downbeat current-quarter revenue outlook. SanDisk reported its Q2 earnings of $1.41 per share on revenue of $1.63 billion.

AutoNation (NYSE: AN) shares tumbled 6.56 percent to $56.84 after the company reported weaker-than-expected earnings for the second quarter.

Mattel (NASDAQ: MAT) was down, falling 6.44 percent to $36.51 after the company reported a drop in its second-quarter earnings. Mattel’s quarterly profit fell to $28.3 million, or $0.08 per share, versus a year-ago profit of $73.3 million, or $0.21 per share.